Financial Planning

The 2018 family maximum Health Savings Account contribution limit is $6,900. It has been widely reported, erroneously, that the limit remains at $6,850. The 2018 single maximum HSA deposit limit is $3,450. One financial planning strategy everyone can use is to allow your HSA balance to carryover from year to year and be invested in…

Why do so many people never obtain the financial independence that they desire? Often it’s because they just don’t take that first step — getting started. Besides procrastination, other excuses people make are that investing is too risky, too complicated, too time consuming, and only for the rich. The fact is, there’s nothing complicated about…

When your child first started school, you doled out the change for milk and a snack on a daily basis. But now that your kindergartner has grown up, it’s time for you to make sure that your child has enough financial knowledge to manage money at college. Lesson 1: Budgeting 101 Perhaps your child already…

After starting the year where we left off in 2017 with the S&P 500 rising more than 7% in January, the market finally met some volatility that we haven’t seen in several quarters. Inflation fears, higher interest rates, tariffs, privacy concerns and other issues finally took the buzz off of the tax cuts and made…

It’s difficult to imagine functioning in today’s world without credit. Whether buying a car or purchasing a home, credit has become an integral part of our everyday lives. Having easy access to credit goes hand in hand with having a good credit score, so it’s important to know how to maintain a positive credit score…

Many people view their annual tax refund as a bonus or windfall to use as they wish. This timely video encourages you to consider how you might use a tax refund to help better yourself financially – e.g., by paying down credit card debt or investing the money – rather than engaging in a splurge…

We are proud to be recognized by Expertise as one of Baltimore’s Top Financial Advisors! That’s no secret to our clients who have trusted in our fiduciary based services for 20 years. As we celebrate 20 years in business, we are extremely grateful for the trust our clients have placed in us over the years. …

When you change jobs, you need to decide what to do with the money in your 401(k) plan. Should you leave it where it is, or take it with you? Should you roll the money over into an IRA or into your new employer’s retirement plan? As you consider your options, keep in mind that…

HAPPY VALENTINE’S DAY – to you and all of your loved ones from all of us at Chesapeake Financial Advisors. Celebrate and embrace your life; no one will care as much about your journey in life as you – so share with us what that looks like so we can enjoy – along with you…

In December 2017, the Tax Cuts and Jobs Act, a sweeping $1.5 trillion tax-cut package, became law. College students and their parents dodged a major bullet with the legislation, as initial drafts of the bill included the elimination of Coverdell Education Savings Accounts, the Lifetime Learning Credit, and the student loan interest deduction. Also on…